Investment drives next steps in Fusion's cancer research

Jul 25, 2007

Invest Northern Ireland is supporting a £1.6 million investment in Belfast firm Fusion Antibodies which will help advance vital research into new antibody-based cancer drugs.

Formed in 2001, multi award winning Fusion Antibodies, based at Invest NI’s Springbank Industrial Park, has developed a global reputation for its cutting-edge antibody based treatments and is highly respected by leading pharmaceutical, biopharmaceutical and academic researchers around the world.

Fusion has secured £1.12 million from private equity and local venture capital funding from Crescent Capital, Viridian Growth Fund and Qubis which will be complemented by £480,000 of R&D and equity support from Invest NI. This will fund extensive R&D activities, including safety and efficacy tests which aim to take Fusion’s innovative, new cancer treatments to a commercial stage.

John Thompson, Director of Innovation, Research and Technology at Invest NI, which has offered R&D support to the company said: “Fusion Antibodies is part of a rapidly growing cluster of companies and academics in Northern Ireland who are carrying out ground-breaking research in the biotechnology and life sciences sectors.

"Fusion is undertaking very innovative research and development within the biologics area which is a sector with significant potential. Through this investment, Fusion will continue to add value to the local economy and highlight our growing research capability on a global scale.”

Dr Simon Douglas, CEO of Fusion Antibodies said: “Our research on this cancer specific antibody treatment is advancing rapidly and we are confident that success in this latest phase will help us achieve our next goal of attracting further funding in order to take our programmes into phase 1 clinical trials.”

Professor Sir John Cadogan, Fusions’ Chairman added: “We are confident that a combination of world class research talent, our own cutting-edge technology, partnerships with local universities and Invest NI support will ensure we remain at the forefront of discovery and innovation locally and around the world.”